hrtechoutlook

Technology Adoption Helps Tackle Evolving Workforce Requirements

Arun Penmesta, Partner, Strom Ventures

Arun Penmesta, Partner, Strom Ventures

Digital transformation is impacting every industry today and the HR sector has adopted an enormous amount of technology to drive efficiency and better outcomes. Historically, most solutions have focused on operational efficiency and data gathering through systems such as ATS and HRIS platforms. But the sector has to contend with some unique challenges today that leaders must take into account while pushing for changes.

One of the biggest trends is that the way we work has been shifting. More and more people are working remotely than ever before and prefer flexible schedules. Studies have also shown that two-thirds of companies have remote workers and nearly half use freelancers. The productivity gains are significant with this approach and organizations have to manage a more agile workforce. Secondly, the modern workforce is much more mission driven than previous generations. Millennials are ready to switch jobs more often in order to find something they are passionate about. As a result, companies have to invest heavily in employee engagement and highlight value beyond maximizing shareholder value to avoid attrition. Transparency and authenticity are also highly valued in the modern workforce and focusing on areas such as diversity and equity is critical for organizations. Finally, the pace of change in most industries has increased over time. This combined with socio-economic trends has resulted in an increase in workplace stress. Investing in employee well-being and mental health is important to drive productivity today, especially since nearly two-thirds of workers have reported losing sleep due to work stress.

"HR is a services industry at the end of the day and HR teams must leverage the right technology to serve their customers, the workforce"

The needs of an employee are evolving constantly and HR teams must change the way they hire, develop and empower their workforce. Technology is a key component of managing this change and enabling both the organization and the workforce to thrive.

The first step is investing heavily in how an organization engages with its workforce beginning with initial contact. Systems that bring efficiency and automation to the hiring process, drive employee engagement, provide opportunities for career advancement and learning are critical to promote loyalty and productivity. Secondly, given the rise of a remote workforce and the increasing use of freelancers, tools that can expand the sources of talent and quickly assess which candidates are the best fit for a company will be very valuable. Third, understanding, measuring and investing in the systems that continuously emphasize the values and mission of the organization will reinforce the culture. Lastly, tracking the organization’s performance and activity along with making that data transparent and available will enable organizations to thrive. Solutions that highlight best performers, manage workloads, promote wellness, make information accessible and actionable and enhance collaboration and communication are vital for HR teams and companies to keep evolving.HR is a services industry at the end of the day and HR teams must leverage the right technology to serve their customers, the workforce.

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